Insurance

Switch and save

In 2024, 37% of drivers with an expensive car renewal insurance policy used price comparison sites to find a better deal, saving an average of £82. This could make a big difference to your finances, helping you free up money for more urgent needs like paying off debts.

Check out other insurance providers

Don’t settle for the first quote you receive. Explore different insurance providers to unlock better deals. You can even use this information to negotiate a lower price with your current provider.

Renew early!

Renewing your insurance early can lead to savings. For example, research has shown that the best time to buy your home insurance is 29 days in advance of the renewal date.

Comparison sites

Comparison sites can help you find the best deals. Use a few sites to make sure you’re not missing out on any potential savings. Some popular comparison sites include MoneySuperMarket, Compare the Market and GoCompare.  

Quick tips for saving money on your insurance

Here are some quick ways to make sure you’re getting the best value from your insurance policies:

• Find the best deal – Use price comparison sites to negotiate a lower price, either with your current provider or a new one.
• Pay annually to save more – Monthly payments come with extra costs, so paying annually can save you money in the long run.
• Review your contract – Remove unnecessary extras or add-ons to reduce costs.
• Ditch auto-renewal – Don’t let your policy automatically renew without reviewing other options first.
• Improve your home security – Installing security systems can help reduce your premium.
• Watch out for admin charges – Be mindful of hidden fees that may increase your costs.
• Haggle for discounts – Don’t hesitate to ask for a better deal and make sure the policy is a good fit for your needs.

What insurance do you need?

Depending on your circumstances, your insurance needs may differ:

Homeowners

• If you have a mortgage – Buildings insurance is required by mortgage lenders to cover the physical structure of your home. Contents insurance is optional but protects your belongings.
• If you own your home outright, both buildings and contents insurance are optional but recommended to protect your home and belongings.

Renters

• Your landlord must have insurance to cover the building you live in. This is a legal requirement which covers the building, any contents belonging to the landlord, accidental damage, liability and alternative accommodation costs.
• If you rent, taking out contents insurance to protect your personal belongings inside the property is a good idea.

Holiday homeowners

• A second home requires specific insurance that covers risks such as renting out or leaving a property unoccupied for extended periods of time.